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Tuesday, June 28, 2022

Matic Rally Finds Support Through DeFi Along With Layer-2 Tech

Matic price is showing an extraordinary rally that spiked by more than 92%. This took place from the time the several decentralized applications have decided on using the layer-2 solution offered by the network. Alongside the traders are looking for the DeFi tokens in order to acquire big returns.

The massive growth recently witnessed in the sector of decentralized finance is evident in the increased activity in the blockchain of Ethereum. This has, in turn, led to slower transaction periods as well as extremely high fees.

Matic Growing In A Slow And Steady Manner

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In the previous month of December 2020, Ether had also spiked over 100% along with the incredible rise in the gas fees owing to the increased demand in ETH and the revival of the DeFi sector which has been accelerating.

Matic Network is planning on resolving the scalability issues present in the decentralized and DeFi applications with the help of layer-2 technology that will be applied to the off-chain computing. Multiple sidechains will also be used and they are all secured with validators through the proof-of-stake system. Due to this the results are being pushed to the ETH network and leading to the creation of checkpoints.

This project by Matic is also targeting to become the blockchain agnostic that will support the interoperable assets later on. At present, Matic is ERC 20-based and the token has a market cap of $156 million.

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From 1st January, Matic Network has rallied almost 92%. On the other hand, the token has remained under 23% from the all-time high reached in 2019 December which was $0.44.

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